Currency in Burkina Faso: XOF Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Burkina Faso with the West African franc.
What's in this Burkina Faso currency guide?
What currency is used in Burkina Faso?
The official currency of Burkina Faso (country code: BF) is the West African franc, with symbol and currency code XOF.
What is a good West African franc exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
Loading rates...
|
|
|
Good things to know about the West African franc
The West Africa CFA franc (XAF) is the currency of six independent states in Western Africa - Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
In several central African states the Central African CFA franc (currency code XAF) is in circulation, such as Cameroon - Central African CFA franc. The Central African CFA franc is of equal value to the West African franc. Both XAF and XOF currencies are referred to as the CFA franc.
For more XOF information check out our selection of West African franc news and guides.
Frequently Asked Questions
What currency should I use in Burkina Faso?
The domestic currency in Burkina Faso is the West African franc.
What is the West African franc currency code and symbol?
The three letter currency code for the West African franc is XOF.
What does the West African franc look like?
Here is an example West African franc banknote:
Which countries use the West African franc?
It is the domestic currency in Senegal, Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger and Togo.
Is the West African franc a closed currency?
No, the West African franc is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of LSL and XOF?
Here are some popular conversion amounts for LSL to XOF (Lesotho loti to West African franc)*.
*Converted at the current LSLXOF interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Burkina Faso
Using Wise for West African franc travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in West African franc otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want West African franc cash before departure, you can save money by ordering online. You generally get better rates and can pick up the XOF cash locally or even on travel day at the airport.
Burkina Faso: Travel Guide
Traveling to Burkina Faso requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Burkina Faso is a landlocked country located in West Africa. It is bordered by Mali to the north, Niger to the east, Benin to the southeast, Togo and Ghana to the south, and Côte d'Ivoire to the southwest. Burkina Faso has a population of around 20 million people and the official language is French. The currency is the West African CFA franc.
Burkina Faso is a predominantly agricultural country, with farming, livestock, and fishing being the main economic activities. The country is also rich in natural resources, including gold, limestone, and other minerals. However, Burkina Faso is one of the poorest countries in the world and faces a number of challenges, including poverty, food insecurity, and political instability.
Despite these challenges, Burkina Faso has made progress in recent years in areas such as healthcare and education. The country has also made efforts to promote economic development and reduce poverty, including through the development of infrastructure and the promotion of foreign investment. Burkina Faso is a member of the West African Economic and Monetary Union and the African Union.
Everyday Costs in in Burkina Faso
How much does it really cost to live, work, or travel in Burkina Faso? Here's what to expect for daily expenses and expat living.
Currency Guide for Burkina Faso (ISO Code: BF)
For travelers planning a week-long stay in Burkina Faso, budgeting around 400,000 to 600,000 CFA francs (approximately $680 to $1,020) should provide a comfortable cushion for a mid-range experience. Daily expenses can vary, but here’s a breakdown of what you might typically spend:
- 🍽️ Meal at a local restaurant: 2,500–4,000 CFA
- ☕ Coffee: 300–700 CFA
- 🚍 Public transport fare: 200 CFA
- 📱 Prepaid SIM card: 5,000 CFA
- 🏨 Budget hotel or Airbnb: 15,000–25,000 CFA per night
In general, Burkina Faso is considered an affordable destination compared to the United States and the UK, where similar activities and meals could cost significantly more—often the equivalent of 1.5 to 3 times more expensive. Thus, if you’re seeking an adventurous yet budget-friendly getaway, Burkina Faso offers an excellent opportunity to experience West African culture without breaking the bank.
Expat Living in Burkina Faso
For expats moving to Burkina Faso, typical monthly living costs can range from 800,000 to 1,200,000 CFA francs (approximately $1,350 to $2,040) depending on lifestyle choices. Key expenses may include rent, groceries, utilities, and transportation. When handling finances, it's advisable to set up a local bank account for day-to-day transactions. However, many expats find that credit and debit cards are not widely accepted, especially outside major cities, so cash remains king.
In terms of sending or receiving money, it’s often more cost-effective to use online transfer services such as Wise or OFX compared to traditional bank exchanges, which can come with hefty fees. Additionally, while local exchange might provide some convenience, the exchange rates may not be as favorable, and it’s advisable to compare rates and terms before making any decisions. Overall, thoughtful financial planning can ensure a smooth transition and a more enjoyable living experience in Burkina Faso.
USD/XOF Market Data
The below interactive chart displays the USD/XOF change and UP📈 DOWN📉 trends over the past 1 Year.
Recent West African franc Market News
The West Africa CFA franc has a fixed rate of exchange with the euro (and previously the French franc) set at 1 euro = 655.957 XOF. The XOF franc is characterised as a credible and stable currency, a significant virtue given the experience of most currency-issuing African nations.
For more XOF information read our News and guides to the West African franc.
Send Money to Burkina Faso - Best Rates
To get a good (and fair) exchange rate when sending money to Burkina Faso you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Burkina Faso
When sending money to Burkina Faso it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or West African franc amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted XOF amount will be transfered to the recipient account you specify in Burkina Faso.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more West African franc deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Burkina Faso
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand West African franc currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the XOF exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local West African franc bank account: A local XOF bank account can make it easier for you to manage your finances and pay bills while you are in Burkina Faso. It may also be more convenient to use a local XOF bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Burkina Faso. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Burkina Faso. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Burkina Faso, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Burkina Faso.
How is the economy in Burkina Faso?
The economy of Burkina Faso is primarily based on agriculture, with farming, livestock, and fishing being the main economic activities. The country is also rich in natural resources, including gold, limestone, and other minerals. Burkina Faso is one of the poorest countries in the world, with a GDP per capita of around $780 in 2020.
Despite being one of the poorest countries in the world, Burkina Faso has made progress in recent years in reducing poverty and promoting economic growth. The country's economy has grown at an average rate of around 5% per year in recent years, driven by growth in the agricultural and mining sectors.
However, Burkina Faso still faces a number of challenges, including food insecurity, infrastructure constraints, and political instability. The country is also vulnerable to external shocks, such as fluctuations in commodity prices and changes in the global economic environment.
The government of Burkina Faso has made efforts to promote economic development and reduce poverty, including through the development of infrastructure and the promotion of foreign investment. Burkina Faso is a member of the West African Economic and Monetary Union and the African Union, and has made efforts to improve its business climate and attract foreign investment.